The constricting supply of housing in the lower Hudson region served by the Hudson Gateway Multiple Listing Service, Inc. has brought about some long-expected price increases in most areas and in most property types, according to the “2017 Second Quarter Residential Real Estate Sales Report for Westchester, Putnam, Rockland and Orange Counties, New York” report authored by the HGMLS.
The recently released report noted that in Westchester, the second quarter median sale price of a single-family house was $670,000, an increase of $20,000 or 3.1% over last year`s level. The mean sale price of $900,000 was 7.0% more than last year, indicating the high-end sector may be reinserting itself into the sales mix. Westchester condominiums and cooperatives also enjoyed median price increases of 5.3% and 3.9% respectively.
Rockland County’s median price at the end of the second quarter stood at $441,387, which represented a 2.6% increase.
There appear to be no obstacles to a continuation of a healthy Hudson Valley real estate market except for the shortage of inventory, which may inevitably drive prices higher or may diminish the volume of sales, or both. Those are the internal machinery of the market; we do not have negative external factors right now that are threatening. Some external factors in good standing with real estate include low mortgage interest rates, low unemployment, good job growth, and reasonable and well-paced increases in the Federal Reserve rates.
Overall this report points to a thriving Westchester and Roockland-County housing market.